Telecom Argentina Soars to New Heights: Record-Breaking Growth and Strong Financial Performance
Telecom Argentina, a leading telecommunications company in Argentina, has reported outstanding results for its fourth quarter and annual period ended December 31, 2025. The company's Chief Executive Officer, Roberto Nóbile, and Interim Chief Financial Officer, Federico Pra, shared the highlights of the quarter during a recent conference call.
One of the most striking features of Telecom Argentina's performance is its impressive revenue growth. The company's consolidated revenues totaled over $5.7 billion, a staggering 53% increase year-over-year in constant Argentine pesos. This surge can be attributed largely to the incorporation of Telefónica Móviles Argentina (TMA), which was acquired on February 24, 2025.
A notable inflection point in Telecom's operating performance is the growth of service revenues excluding TMA, which grew in real terms for the first time since the adoption of International Accounting Standard 29. This marks a significant turnaround after two years of sequential improvement starting in 2023.
Another key highlight of the quarter is Telecom Argentina's improved profitability. The company's consolidated EBITDA margin reached over 30.3% in fiscal year 2025, representing a substantial increase of over 200 basis points compared to the same period in 2024. Excluding the impact of increased severance charges registered in TMA, this margin would be even higher, reaching over 32%. On a comparable basis excluding TMA contributions, EBITDA margin reached 33.7%, the highest level since 2020.
Investments continue to be a priority for Telecom Argentina, with consolidated CapEx amounting to approximately $1.0 billion for the annual period ended December 2025. This represents an 88% increase in pesos compared to fiscal year 2024, driven by the expansion of both fixed and mobile access networks.
The company's solid credit profile is reflected in its net debt to estimated pro forma EBITDA leverage ratio, which stood at around 1.7x in fiscal year 2025. This significant improvement compared to fiscal year 2024 leverage ratio, even after incorporating the financing of the acquisition of TMA, underscores Telecom Argentina's financial resilience.
Telecom Argentina has also demonstrated its commitment to shareholder value by announcing a dividend payment in November, continuing its consistent dividend payment track record maintained since 2017. The company was honored with LatinFinance Awards two years in a row, receiving the award for Corporate Liability Management of the Year in 2024 and Digital Infrastructure Telecoms Financing for the Year award in 2025.
